Riyadh – Mubasher: Tabuk Agricultural Development Company on Tuesday reported a 51.2% year-on-year jump in its losses for the first quarter of 2018.
Net loss amounted to SAR 5.66 million in Q1-18, compared to SAR 3.74 million in Q1-17, according to the company’s statement to the Saudi Stock Exchange (Tadawul).
The Tadawul-listed company attributed the increase in losses to weak sales, in addition to higher marketing expenses and the drop in revenues.
Tabuk’s total revenues went down 3% to SAR 20.1 million during the three-month period ended 31 March 2018, versus SAR 20.6 million for the same period of the prior year.
For the full-year 2017, Tabuk’s loss decreased 28.26% to SAR 30.29 million, from SAR 42.2 million a year earlier.
By the end of Monday’s session, Tabuk’s stock levelled down 1.24% at SAR 11.97.
